Biden’s Economic Recovery Plan Will Ease Small Business Crisis
Statement from John Arensmeyer, Founder & CEO of Small Business Majority, on President-elect Biden’s proposed American Rescue Plan
“We are extremely pleased with President-elect Biden’s American Rescue Plan released this week, which includes strong small business measures that will ensure our smallest and most vulnerable businesses receive access to tools and resources critical for their survival. These measures, which include $15 billion for a new small business grant program that supports flexible and equitable financial relief and $35 billion in low-interest small business loans, will help ease the growing economic crisis facing our nation’s entrepreneurs.
We're also glad the plan includes other provisions that will help bolster small businesses, their employees and their customers through this difficult time, including increasing and extending unemployment benefits and boosting the earned income tax credit (EITC). The plan also proposes to strengthen health insurance subsidies, which both entrepreneurs and small business employees desperately need right now, and implementing a combined 14 weeks of paid sick and family medical leave.
The release of this plan comes at a critical moment as too many small businesses are on the brink of collapse. More than 400,00 small businesses have already closed their doors for good, and our most recent survey found more than 1 in 3 small business owners will not survive the next few months without additional financial support.
While relaunching PPP this week is an important step to stabilizing our small business community, much more is needed in the difficult months to come to put small businesses on the path to recovery. We urge Congress to work with the incoming Biden Administration to swiftly pass these measures for the good of small businesses.”
About Small Business Majority
Small Business Majority is a national small business organization that empowers America's diverse entrepreneurs to build a thriving and inclusive economy. We engage our network of more than 80,000 small businesses and 1,000 business and community organizations to advocate for public policy solutions and deliver resources to entrepreneurs that promote equitable small business growth. Our deep connections with the small business community along with our scientific research enable us to educate the public about key issues impacting America’s entrepreneurs, with a special focus on advancing the smallest businesses and those facing systemic inequalities. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.